RM1m floor price?
The Government is considering raising the minimum floor prices of houses foreigners are allowed to buy to RM1m from the current RM500,000 in an effort to control the rise in property prices, sources said. They said such a decision was “in the pipeline” and the implementation would be made by the economic planning unit (EPU) under the Prime Minister's Department currently headed by Minister Tan Sri Nor Mohamed Yakcop. Another source said the revised guidelines would also consider a slightly lower base price threshold of RM800,000 for residential properties in selected economic corridors such as Johor's Iskandar Malaysia to ensure the development and success of these corridor hotspots. (StarBiz)
Century Software secures RM33m contracts
Century Software Holdings secured two contracts valued at RM33.5m from the Pertubuhan Keselamatan Sosial for the social security information management systems. It said on Monday the first contract was for the social security information management system valued at RM24.5m while second contract was for the Perkeso social security information management system valued at RM9.0m. "The scope of work for the projects are to design, develop, supply, deliver, install, integrate, testing, deployment, commissioning, training and to maintain the Perkeso social security information management systems," it said. (StarBiz)
UEM Land unit to buy Johor land for RM93m
UEM Land Holding's wholly-owned subsidiary Nusajaya Premier SB (NPSB) has proposed to acquire 49.5ha of freehold land in Johor Bahru from Tanjung Bidara Ventures SB for RM93.2m cash. "The land is adjacent to Kota Iskandar and the company's existing prime development in Nusajaya, Puteri Harbour," UEM Land said. It said the proposed acquisition would allow the group to realize its original development vision for Puteri Harbour, where high density urban waterfront precincts at heart of public and private marinas are balanced with landed and high-rise residential precincts on both sides. (Malaysian Reserve)
I&P eyes repeat of RM1.4bn revenue
I&P Group SB, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), aims to repeat the RM1.4bn revenue it chalked up last year, despite the more challenging time this year. Its managing director Datuk Jamaludin Osman said properties with gross development value of about RM3bn were expected to be put into the market this year. I&P has successfully developed several major and well-known projects, such as Bukit Damansara, Bandar Kinrara, Alam Damai,Alam Impian, Alam Sari, Temasya-Glenmarie, Bandar Baru Seri Petaling, Taman Pelangi and Taman Perling. It is learnt that the group has 3,622ha of land in the Klang Valley and Johor Baru, with 1,195ha still undeveloped. (BT)
SILK bags RM10.8m contract
SILK Holdings' subsidiary Jasa Merin (M) SB has clinched a contract extension worth RM10.8m from Petrofac Ltd. The contract, which commenced in July 2009, had a primary period of two years with the extension options of 1+1+1 year, is to be given the second extension from 23 July 2012 to 22 July 2013. The contract extension is expected to contribute positively to SILK's earnings and assets for the financial year ending 31 July 2012 and 31 July 2013, the company said in a filing to Bursa Malaysia yesterday. (Financial Daily)
Dijaya gets 8% yield boost from new assets
Dijaya Corp is poised to get an income boost after an amalgamation exercise where its major shareholder Tan Sri Danny Tan would inject assets with long-term lease arrangements and rental yield of at least 8% yearly. Dijaya said in a statement yesterday, as part of the deal, Tan has irrevocably agreed and covenanted with Dijaya, via a letter of undertaking, to procure the relevant parties to be identified, on or before the completion of the proposed acquisitions, to enter into the long-term lease. Dijaya last month proposed an amalgamation exercise whereTan will inject 73 of his privately held assets worth RM1.1bn into Dijaya, making it one of the largest property firms in the country by market capitalization. (Financial Daily)
Dijaya Corporation Bhd, a company substantially owned by Tan Sri Danny Tan Chee Sing, said it has signed 24 conditional sale and purchase agreements and 16 conditional share sale agreements with the respective vendors for RM949.9m. The payment involves RM250m cash and the balance via the issuance of a 10-year three per cent coupon Dijaya Redeemable Convertible Unsecured Loan Stock, with a staggered conversion range of RM1.30 to RM2.50 over a 10-year period. The funds are part of its plan to acquire 73 properties, comprising 49 parcels of land and 16 buildings, which was announced last month. (BT)
Syed Zainal resigns from Proton
Proton Holdings managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir has resigned, raising concerns over the future of the national car maker which was recently being taken over by conglomerate DRB-Hicom. His departure, which could presage resignations from other senior management staff in coming weeks, is due to differences with the new owners over Proton's future direction, close associates of the Proton chief and industry executives said. (Financial Daily)
Guan Chong seeks secondary listing on Main Board of SGX
Guan Chong, one of the largest cocoa processors in the region, is seeking a secondary listing on the Main Board of Singapore Exchange Securities Trading Ltd (SGX). In a statement yesterday, its managing director/ chief executive officer Brandon Tay Hoe Lian said the dual listing is to facilitate the company's access to the capital market of Singapore, giving the group the flexibility to tap into additional sources of equity funding for its expansion. (Malaysian Reserve)
MAHB will call for new tenders for KLIA2 commercial space on April 12 and April 17. The tender process, now in its third phase, will involve 37 tenders comprising retail, food and beverages (F&B), and service outlets. GM commercial services Faizah Khairuddin said tenders for KLIA2 are conducted in phases. The first phase was conducted in December last year and Phase Two in end-February to early-March this year. The airport operator received overwhelming response at the first two tenders' briefing sessions. Over 1,000 interested parties, comprising retailers, F&B and services operators, attended the sessions, Faizah said. (BT)
Boustead Holdings‟ subsidiary company, Boustead Naval Shipyard (BNS) has issued three letters of award to Contraves Advanced Devices (CAD) a subsidiary company of Boustead Heavy Industries Corporation which in turn is a subsidiary of Boustead Holdings. These are in relation to the contract for Second Generation Patrol Vessels / Littoral Combat Ships received previously by BNS from the government of Malaysia. CAD is to undertake engineering and integration works in connection with the DCNS SETIS Combat Management System, together with procurement of the CMS and the Rheinmetall Fire Control System at a total ceiling contract sum of RM1.53bn for an implementation period of up to ten (10) years from 9 Apr 12. (BMSB)
Boustead Holdings Bhd expects to improve its yield on fresh fruit bunches (FFB) by 20% to 30% using more efficient methods. Currently, Boustead's overall FFB yields are at 17.5 tonnes per hectare against the industry average of about 18.5 tonnes. Apart from the plantation division which contributed 41% to profits last year, all its other divisions were also expected to contribute an increase in earnings this year, said its deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin. Lodin added that his personal target is to have a pre-tax profit of RM1bn this year. (StarBiz)
The Federal government has allocated RM423m to upgrade the Pan Borneo Highway from Sabah to Sarawak, Works Minister Datuk Seri Shaziman Mansor said. An initial sum of RM100m would be made available soon and shared equally between the two states. He said for Sarawak, the 217km stretch between Sibu and Bintulu and the 207km stretch from Bintulu to Miri would be given priority. The Pan Borneo Highway passes through Sematan, Kuching, Miri and Lawas in Sarawak before cutting through various districts in Sabah including Sindumin, Beaufort, Kimanis, Kota Kinabalu and Tawau. (Star)
DiGi.Com Bhd is now bringing Internet access to customers and sees educating them on having the right mobile device as an important challenge. Head of Internet and Services Praveen Rajan said DiGi has about 10m customers, "Our big focus now is to get more and more people to use smartphones because unless you have the right device, you will never be able to use the Internet effectively," he said. He added DiGi is working with content providers such as Google and Apple as well as local providers to bring their services to customers and to make content available according to demand and beyond. DiGi will see its 3G coverage increased to 70% of the populated area by year-end from 52% as at end-2011. By 2013, DiGi foresees more mobile Internet users across the prepaid and postpaid segment. (Bernama)
Proton Holdings managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir has resigned. His departure, which could presage resignations from other senior management staff in the company in coming weeks, is due to differences with the new owners over Proton's future direction, close associates of the Proton chief and industry executives said. (Financial Daily)
Perodua hopes to sell its cars in South Africa by the end of this year or early next year. "We have narrowed in on South Africa and hope to make a final decision by the third quarter of this year and come up with a plan on how we want to market our cars there," Perodua managing director Datuk Aminar Rashid Salleh said. He said the company is also zeroing in on other emerging markets to help achieve its target to sell 20,000 Perodua cars overseas by 2015. On the local front, Aminar said Perodua has set aside RM50m as capital expenditure (capex) this year to help increase new vehicle sales. (BT)
NASIM expects the introduction of four new models will help the company sell up to 9,300 Peugeot cars this year. Its chief operating officer Datuk Samson Anand George said 2012's target is almost double of last year's overall sales of the continental cars, which stood at 5,400 units. Meanwhile, he said that Nasim has not seen any significant drop in its car sales despite the stricter lending guidelines imposed by Bank Negara Malaysia. (BT)
Low budget airline, AirAsia, is offering more connectivity and convenience between China and Indonesia via its enhanced Fly-Thru service. Introduced last year, the Fly-Thru is AirAsia's innovative solution to flight connections, offering guests more convenience. The direct service from Indonesian cities as Jakarta, Bandung, Medan and Surabaya to cities in China such as Guangzhou, Shenzhen, Macau and Hong Kong via AirAsia's Kuala Lumpur hub, has been extended following the popular demand for its Fly-Thru service. (BT, Bernama)
OldTown confirmed that the setting up of a food processing centre forms part of the company‟s next 5-year expansion and business plans into the China markets. It was quoted in The Edge Financial Daily that the RM5m investment in the centre is part of a joint venture between OldTown (19%), its Hong Kong-based related party, OldTown Asia Pacific (11%) and a Chinese company which holds OldTown‟s master franchise license (70%). OldTown clarified that the shareholding structure of the proposed new food processing centre is still in preliminary discussion stage and the proposed shareholding spread amongst various parties may subject to further changes in the later stage. (BMSB)
KFC Holdings will spend about RM12m in advertising, marketing and promotions for its "So Good" branding tagline, over three phases this year, MD Haji Jamaludin Md Ali said. He said in general, the branding campaign will encompass several phases, but this year, there will be three. "We are spending RM4m on the first phase and plan about the same amount for the second and third," he said. The sub-theme is expected to drive sales up by around 10-15% in the second quarter. International celebrity chef, Chef Wan, has been appointed the first phase marketing campaign spokesperson. Jamaludin said the fast food company is also set to spend some RM3m to improve the kitchen of the 300 KFC outlets with an enhanced efficiency system. Meanwhile on India, he said KFC Holdings is optimistic of opening another 16 new KFC outlets, adding to the existing 12. (BT, Bernama)
The 1Bestarinet project, which was awarded to YTL Communications Sdn Bhd (YTL Comms) is said to be worth RM663m for a period of two and a half years. However there is room for an extension of the contract period based on performance. Sources say payment would be based on a service level agreement (SLA) and a service level guarantee (SLG) to ensure that all the 9,924 government schools are wired successfully by Mar 2013. Already, 1,800 schools have been wired up. The project intends to ensure that all urban schools have a connectivity of up to 10Mbps and all rural schools up to 4Mbps. It also comes with a virtual learning platform and YTL Comms is riding on the „Frog‟ virtual learning programme for its total solution package to schools besides internet access. (Star Biz)
Scomi Engineering is hopeful that its bid for the monorail project in Chennai, the capital city of Tamil Nadu, will succeed. “The Chennai tender is coming up. We hope to be shortlisted,” country president Kanesan Velupillai said. The 111km monorail project is phase one of the 300km stretch which the state government plans to build to ease traffic flow. If successful, it would be Scomi's biggest ever monorail project. In India, Scomi emerged as a well-recognised brand after successfully implemented the country's first monorail project in the financial district of Mumbai. Scomi has also entered into a joint bidding agreement with Geodesic Techniques Pvt Ltd for the proposed 59km monorail line in Bangalore. (Star)
EITA: Secures RM115.6m order book, to last until 2013
EITA Resources, has secured a RM115.6m order book as at end-March, which is expected to keep them busy until 2013. "Of the total, RM82.7m or 71.5% of the order book comes from our elevator segment," said Group MD Fu Wing Hoon. Revenue contribution from the elevator segment has grown steadily over the years. In 2008, the segment contributed only RM31.1m revenue or 23.6% of the group's total sales that year, he said. Within three years, its elevator business grew by 68.2% to RM52.3m or 34.6% of the group's total revenue of RM151.3m in the 2011 financial year, he told a news conference in conjunction with the company's listing on Bursa Malaysia Main Board yesterday. (Bernama)
Hong Leong Bank: SC approves Hong Leong Bank’s US$1.5bn bonds
The Securities Commission has approved Hong Leong Bank’s plan to issue up to US$1.5bn (RM4.61bn) worth of bonds to finance its working capital needs. Hong Leong said the fund raising instrument comes in the form of euro-denominated medium term notes. Citigroup Global Markets Ltd, HL Bank, Mitsubishi UFJ Securities International plc and The Royal Bank of Scotland plc are arrangers and dealers for the scheme, according to Hong Leong. (Financial Daily)
Genting Bhd (RM10.84/share)
Genting’s S’pore unit to issue securities worth RM1.2bil in expansion plan A senior executive of casino operator, Genting Singapore Plc, said it is planning a second issue of perpetual securities worth about US$397.0mil (RM1.2bil) and could use the proceeds to expand into Japan and South Korea. Genting Singapore, a unit of Malaysian group Genting Bhd, plans to sell S$500.0mil (US$397.0mil) in perpetual subordinated capital securities, a hybrid of bonds and equities, to mostly retail investors. Reuters reported that this follows its S$1.8bil issue of perpetual securities last month that was sold mainly to institutional and private banking investors. Chief financial officer Lee Shi Ruh said the company is well positioned for such opportunities. She added that the potential liberalisation of Japan and South Korea’s gaming industries could follow a similar path to Singapore, which legalised casinos in 2005. Genting Singapore’s latest issue will pay an annual coupon of 5.125% until October 2022 and 6.125%after that, with the company having an option to redeem the securities in 2017. - StarBiz
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